The Euro continued to advance against the Dollar, as Catalan leaders decided to halt cessation from Spain in order to continue negotiations.
Due to release of better than expected German data as well as hawkish comments from the ECB official, the Euro continued to recover against the Dollar.
Despite a release of better than expected American labour data, the buck did not managed to break the lower support line of a falling wedge pattern.
Due to favourable fundamental background, the currency pair made a rebound slipped through the 100% Fibonacci retracement level again.
Unfortunately, none of the yesterday's fundamental events caused a substantial volatility in the markets.
Yesterday's trading session revealed that a breakthrough the 100% Fibonacci retracement level at 1.1715 was a false signal.
In result of the Catalan referendum and release of better than expected American manufacturing activity data, the pair broke through a combined support formed by the 100% Fibonacci retracement level and the updated weekly S1.
The Catalan referendum on independence financial markets met with expected negative reaction, which led to 0.3% depreciation of the Euro against the Dollar.
A pressure from the 100-hour SMA from the top and the weekly S2 from the bottom put the pair in a limbo near the 1.1790 mark.
As majority of pending orders are set to sell, the Greenback continues to appreciate against the Euro.
In result of the previous trading session, the currency pair reached the bottom trend-line of a medium-term descending channel.
Previous trading session was significant in the way that the pair made a breakout from a symmetrical triangle.
A victory of the Angela Merkel's party in German Parliamentary elections expectedly led to appreciation of the Euro against the American Dollar.
In line with expectations, the currency pair made a fully-fledged rebound from the bottom trend-line of a dominant ascending channel yesterday.
A decision of the Fed to start reducing the size of its $4.5 trillion asset portfolio led to breakout from the rising wedge pattern and resulted in 125 pips appreciation of the Greenback against the Euro just in one hour.
In result of the previous trading session, the pair made an expected breakout from an ascending triangle and confirmed an existence of another pattern.
As it was expected, the currency pair did not make any notable moves yesterday because of the pressure from various moving averages as well as the weekly PP.
Even though released information on the US Retail Sales did not justify experts' forecasts, the currency pair failed to break above resistance, which located in the 19.85-95 area.
Despite positive developments in the US economy, the buck did not manage to secure these achievements and ended previous trading day near the weekly S1, which is located at the 1.1905 level.
Due to market reaction to release of data on the US PPI, the currency rate managed to break through the bottom edge of a senior ascending channel.
Yesterday the currency pair expectedly failed to make a fully-fledged rebound from the bottom trend-line of a dominant formation due to pressure from the 55- and 100-hour SMAs.
The common European currency continues to trade against the US Dollar, as expected by our analysts.
Last Friday the currency pair expectedly ended in a red zone, reaching a combination of the 55-hour SMA and the weekly PP at 1.1999
An announcement of the EU Minimum Bid Rate and the subsequent remarks delivered by Mario Draghi once again led to sharp advance of the currency pair.